01:56 PM EDT, 05/16/2024 (MT Newswires) -- Financial stocks were advancing in Thursday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each rising about 0.1%.

The Philadelphia Housing Index was falling 1.9% and the Real Estate Select Sector SPDR Fund (XLRE) was up 0.1%.

Bitcoin (BTC-USD) fell 0.5% to $64,735, and the yield for 10-year US Treasuries was rising 2 basis points to 4.37%.

In economic news, US initial jobless claims fell to 222,000 in the week ended May 11 from an upwardly revised 232,000 level in the previous week, compared with expectations for a larger decrease to 220,000 in a Bloomberg survey.

US industrial production held steady in April, below expectations for a 0.1% increase in a Bloomberg survey.

In corporate news, American International Group ( AIG ) said it has agreed to sell a 20% stake of Corebridge Financial ( CRBG ) to Nippon Life Insurance for $31.47 per share, for a total of $3.8 billion. Corebridge shares climbed more than 10% and AIG shares were up 0.3%.

Charles Schwab ( SCHW ) said Thursday that Chief Financial Officer Peter Crawford has decided to retire and will be succeeded by Mike Verdeschi, who will join the company on May 20 as deputy chief financial officer. Its shares fell 0.7%.

Goldman Sachs' ( GS ) Goldman Sachs Asset Management unit said Thursday it will provide investment management services for United Parcel Service's (UPS) US and Canadian defined benefit pension plan assets. Goldman shares were 0.1% lower.